The bulletin illustrated the ECB’s decision at its December meeting to end its 2.6 trillion euro ($2.96 trillion) bond-buying programme but continue reinvesting the money it receives from maturing paper for a long time after its first rate hike.

The decision was criticised by some as untimely given the weakening economy. But the ECB, whose sole objective is hitting its inflation target, reaffirmed its confidence that core prices would continue to rise in the euro zone.

“Underlying inflation is expected to increase gradually over the medium term, supported by the ECB’s monetary policy measures, the continuing economic expansion and rising wage growth,” the ECB said.